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UMMC Group and JSС SOGAZ launched the complex insurance program for the “Korbalikha” project.

UMMC Group and JSС SOGAZ launched the complex insurance program for the “Korbalikha” project.

On 25th December 2020 UMMC Group, VEB.RF and SberCIB have signed a syndicate facility agreement for the development of the project of the “Korbalikha” Zn-Cu-Pb Mine construction and the Renovation of Rubtsovsk enrichment plant to ramp up the production capacity up to 1.5 mln tons of ore per annum.

Within the “Korbalikha” project UMMC Group and JSС SOGAZ have signed the Insurance contract on Construction and Installation risks to launch the complex insurance program covering the following risk objects:

1. Construction of “Korbalikha” polymetal mine:

a. Client – JSC Siberia-Polymetall (enterprise of UMMC Group);

b. Location – “Korbalikha” mine industrial site, Zmeinogorsk district, Altai Krai;

c. Completion date – 30.06.2025.

2. Renovation of Rubtsovsk enrichment plant:

a. Client – JSC Siberia-Polymetall (enterprise of UMMC Group);

b. Location – Rubtsovsk mine industrial site, Altai Krai;

c. Completion date – 31.03.2023.

JSC SOGAZ has a good experience of the cooperation with UMMC Group’s companies in implementing equipment property insurance programs (in particular with JSC UK "Kuzbassrazrezugol" as well the second largest coal company in Russia).

Previously in 2020 SOGAZ Insurance Group completed the acquisition of LLC SMK "UGMK-Medicina", specializing in medical insurance services for UMMC Group’s employees.

“The cooperation with the JSC SOGAZ is a logical and strategically reasonable initiative for our Group – once again we are convinced of the team’s professionalism, as they successfully managed to provide a competent comprehensive risk management program for the “Korbalikha” project in the current circumstances, meeting the high requirements of project financing and providing adequate risk reinsurance at the international market”- commented Andrey Kozitsyn, CEO of JSC “UMMC”.

“Indeed, SOGAZ JSC has been enduringly and fruitfully cooperating with UMMC Group in different projects, now extending to the medical projects as well. We highly appreciate our cooperation and are grateful for our partner’s trust. By supporting a project that significant and large-scale with reliable insurance coverage, SOGAZ JSC makes an input in its implementation” – noted Dmitry Malyshev, Deputy Chairman of the Management Board of SOGAZ JSC.

Ural Mining and Metallurgical Company is a Russian mining and metallurgical holding, the largest producer of copper, zinc, coal, and precious metals in Russia comprising over 40 operations and factories both in Russia and abroad.

SOGAZ INSURANCE GROUP was founded in 1993 and currently is the largest federal insurance company in Russia. The Group provides more than 100 insurance programs both for individuals and enterprises of various industries. The reliability and financial stability of the Group's companies have been confirmed by leading international and Russian rating agencies. The regional network of the Group includes over 1000 divisions and sales offices throughout Russia.